Does the Beige Book move financial markets?

Donna Ginther and Madeline Zavodny

No 2003-3, FRB Atlanta Working Paper from Federal Reserve Bank of Atlanta

Abstract: About two weeks prior to each FOMC meeting, the Federal Reserve releases a description of economic activity in a document called the Beige Book. The authors examine whether the descriptive content of the Beige Book affects asset prices. The results indicate that more positive Beige Book reports on economic growth are associated with increases in interest rates, particularly long-term rates, even after controlling for other macroeconomic data releases. Stronger Beige Book reports are positively associated with changes in equity prices during expansions but negatively during recessions.

Keywords: Business forecasting; economic conditions - United States; Federal Reserve System; Economic indicators; Financial markets (search for similar items in EconPapers)
Date: 2003
New Economics Papers: this item is included in nep-fmk
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.atlantafed.org/-/media/documents/resea ... s/wp/2003/wp0303.pdf (application/pdf)

Related works:
Journal Article: Does the Beige Book Move Financial Markets? (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedawp:2003-3

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in FRB Atlanta Working Paper from Federal Reserve Bank of Atlanta Contact information at EDIRC.
Bibliographic data for series maintained by Rob Sarwark ().